EXHIBIT 11.1 Universal Insurance Holdings, Inc. Statement Regarding the Computation of Per Share Income The following table reconciles the numerator (earnings) and denominator (shares) of the basic and diluted earnings per share computations for net income for the nine-month and three-month periods ended September 30, 2008 and 2007, respectively. Nine Months Ended Nine Months Ended September 30, 2008 September 30, 2007 ------------------ ------------------ Income Available Income Available to Common Per-Share to Common Per-Share Stockholders Shares Amount Stockholders Shares Amount Net income $32,879,120 $43,738,965 Less: preferred stocks dividends (37,463) (37,463) ------------- ------------- Income available to common stockhold $32,841,657 37,448,000 $0.88 $43,701,502 35,528,000 $1.23 ========= ========= Effect of dilutive securities: Stock options and warrants 0 2,514,000 (0.06) 0 5,154,000 (0.16) Preferred stockers 37,463 568,000 (0.01) 37,463 568,000 (0.01) ------------- ----------- --------- ------------- ----------- ---------- Income available to common stockholders and assumed conversion $32,879,120 40,530,000 $0.81 $43,738,965 41,250,000 $1.06 ============= =========== ========= ============= =========== ========== Three Months Ended Three Months Ended September 30, 2008 September 30, 2007 ------------------ ------------------ Income Available Income Available to Common Per-Share to Common Per-Share Stockholders Shares Amount Stockholders Shares Amount Net income $7,372,654 $13,810,702 Less: preferred stocks dividends (12,488) (12,488) ------------- ------------- Income available to common stockholders $7,360,166 37,500,000 $0.20 $13,798,214 35,763,000 $0.39 ========= ========= Effect of dilutive securities: Stock options and warrants 0 1,858,000 (0.01) 0 5,219,000 (0.05) Preferred stock 12,488 568,000 0 12,488 568,000 (0.01) ------------- ----------- --------- ------------- ----------- ---------- Income available to common stockholders and assumed conversion $7,372,654 39,926,000 $0.19 $13,810,702 41,550,000 $0.33 ============= =========== ========= ============= =========== ==========